Further reading

Bryce’s computer is borked, so Further Reading was a little delayed this morning, and you’re stuck with me. Apologies.

But it’s a good excuse to highlight something that caught my eye this morning.

S.Korea Fin Min Official: Preparing Measures To Stabilize FX Market, Plan To Hold Meeting With Major Exporters And Importers Early Next Week

— LiveSquawk (@LiveSquawk) September 16, 2022

It’s tempting for countries to only look inwards for causes for currency woes, and often that’s the right thing to do (hello UK) But there’s a lot of this going on at the moment. The common ingredient is the dollar smashing pretty much everything else, and especially developed market peers. Here’s a Deutsche Bank chart.

Given how central the dollar is to the global financial system, this represents a pretty significant tightening of conditions across the board. If it continues, something is going to break in a big way.

In other news, look at what we have just ordered . . . Details to come.

Elsewhere on Friday . . . 

— Why crypto hasn’t been a diversifier, and why it won’t be in the future either. (Klement on Investing/Substack)

— Italy’s never-ending crisis. (Phenomenal World)

— Chaos researchers say they can now predict when complex systems break down (Quanta)

— Lessons from the Volcker disinflation. (Money Inside and Out/Substack)

— Santa Claus is coming to town early this year. (Flexport)

— Men are breaking their legs to get a bit taller, and SoFi is financing the surgery. (GQ)

— How Huy Fong’s Sriracha sauce went from being sold out of a van to global cult hit. (Twitter thread)

— Pimco is betting on Russian bonds through CDS auction. (IFR)

— Peak food. (Twitter/TikTok)